How do I sell at Auction?
There are two primary types of auctions: consignment and contract. A consignment auction primarily deals with the same type of item sold from many different consignors, such as our annual classic car auction or our western lifestyle auction. A contract auction typically involves one seller and typically involves business liquidations, real estate, estate and other similar auctions. Some auctions, such as heavy equipment and machinery, could fall into either category.
All of the details in a consignment auction -- such as the date, place and time of the auction -- are usually established in advance.
To sell at a consignment auction an interested seller should first review the terms and conditions of the auction and fill out the consignment forms, which will be available on the information section about that particular auction under "upcoming auctions" on our website.
An asset manager will be in touch as soon as the forms are submitted to discuss how the item will be consigned. In an online auction the item might not have to be moved. The asset manager might be able to photograph the item in place and the item could be moved once it is sold. In a live auction, the item must be delivered before a set date prior to the auction. The item must be prepped for the auction so it can get the best return on the auction block.
After the auction takes place, Caprock Auctions will issue a check to the seller as soon as all funds have cleared. Anytime there is title work -- such as with real estate or with cars -- the process can take a little longer than with items without title work.
The process begins with a free consultation in which Caprock Auction Group will review the timeline, necessary title work and other details of the auction with you.
A typical contract auction lasts for 30 days from the time the contract is signed until the day of the auction. Then title work for real estate typically takes another 30 days. In a typical auction, the first five days is a period of collecting due diligence. The next 21 days includes an intensive marketing campaign focusing on the area of your auction. If it is an online auction typically that would include a 7-day period to allow the bidders to get their bids in. And then the high bidders would be under contract. All real estate bidders are handled through a third-party title company.Title work for equipment and vehicles usually takes about 15 to 20 days. All other funds will be issued to the seller as soon as they clear.
Why sell through Auction?
Efficiency: With a 60 day turnaround in real estate auctions and even faster time in auctions with no title work required, we can help reach a large number of people in a short amount of time. This quick turn around significantly reduces holding costs and improves the quality of life for the seller during the "for sale" time period. In consignment auctions, drawing together a large number of people of similar interests will help get your product in front of the most number of interested buyers in the shortest amount of time as well.
Terms and conditions are laid out from the beginning: that means no buyer/seller haggling as in traditional sales models.
Motivated buyers: the auction process draws out serious and motivated buyers who are prepared to buy now.
Market Value: The auction process will allow you to get the absolute best market value for your property and items through marketing and exposure to a large number of motivated buyers.
Contact us for a free consultation or for more information.